Others : How To Record Your Federal Taxes On Gambling Losses & Winnings

Serious gamblers should know that all gambling losses taxes are only deductible up to the amount of the winnings. If you intend to record your deductions, you also need to verify your winnings and losses like wagers, tickets, or any records as backup in case you get audited by the IRS. For itemizing your records, we have the following suggestion:

Playing Lottery, such as scratchers, super lotto, mega millions, keno you should itemize all your winning statements, unredeemed ticket purchases, payment slips, W2 G form, losing tickets, etc

Casino gambling taxes paid for playing table games, for example, poker, blackjack, roulette, craps, etc will be clearer for you if you record all your casino credit card data, the number of the tables you played at. The information for times, dates, amount of winnings or losses, and the number of the table that you are playing when you ask for a print-out from the table manager can be provided by your club card.

When placing bets on racing you should keep a clear record of the amounts collected on winning tickets, unredeemed losing tickets, payment records from the racetrack, etc.

If you pay taxes for gambling on slot machines, let’s say…wheel of fortune, poker, keep a record of the machine number and the dates and times of all winnings, receipts of winnings from the slot or video poker machine or from the casino cashier.

A smart bingo gambling tax record is to note the cost of tickets purchased, amounts collected on winning tickets, any receipts from the casino or place bingo sweepstakes are held.

If you bet on sports bars like parlays, straight picks, quick picks you should keep the ticket wagers showing the games played and the cost, amount collected on winning tickets, or any other supplemental reports such as winning statements.